The European Bank for Reconstruction and Development (EBRD) and Banco Sabadell Succursale Casablanca (BSC) signed, on Thursday in Casablanca, a loan agreement of 165 million dirhams (equivalent to 15 million euros) for the development of small and medium-sized enterprises (SMEs) in Morocco.
Through this agreement, the EBRD confirms its commitment to the financing of SMEs in Morocco, which represent the backbone of the economy (95% of the economic fabric) and engine of inclusive growth and job creation, underlined the EBRD director in Morocco, Marie-Alexandra Veilleux-Laborie, on the sidelines of the signing ceremony.
Access to finance is a major issue for the growth of SMEs in Morocco, which is one of the EBRD’s priorities, she said, saying that she was delighted with the signing of this line of credit with the Banco Sabadell group, a former EBRD partner.
“Spain is a shareholder and founding member of the EBRD and we are delighted to also support Spanish investors who will be in Morocco under this line of credit,” added Ms. Veilleux-Laborie.
For his part, the director general of the BSC, Francesc Rueda Angulo, welcomed the signing of this loan agreement, emphasizing the importance and role of SMEs in economic and social development in the Kingdom.
“We are well aware of the financing needs of SMEs in Morocco,” said the director general of the BSC, which this year celebrates a decade of activity in Morocco, noting that this agreement will increase the bank’s lending capacity to this clientele. This partnership with BSC is part of the strong economic ties that unite the EBRD, Morocco and Spain, with the presence of a dense fabric of more than 600 Spanish companies within the Kingdom achieving a total of almost 4, 5 billion euros of cumulative investments.
Morocco is a founding member of the EBRD and became a country of operations in 2012. To date, the Bank has invested around € 2 billion in the country through around sixty projects.
Spain is also one of the founding members of the EBRD and, since 1992, a donor of the EBRD with a contribution amounting to more than 104 million euros. The EBRD’s joint investments with Spanish companies amount to 4.3 million euros.
Banco Sabadell Succursale Casablanca (BSC) was created in 2009 as a branch in Morocco of the fourth Spanish banking group, Banco Sabadell SA (BS). Its activity is mainly focused on the SME market, whose funding has represented a vocation for the Banco Sabadell group since its creation.
In Morocco, BSC is distinguished by a strong presence in the local support of subsidiaries of Spanish groups and companies with 100% Moroccan capital.